Chesapeake Energy Swings to a Profit in Q4Wednesday, February 23, 11:16 AM ET

Chesapeake Energy (CHK) reported it swung to a profit in the fourth quarter late yesterday.

The company said fourth quarter net income came to $180 million, or $0.28 per share, compared to a loss of $530 million, or $0.84 per share, in the same quarter last year.

Adjusted earnings of $0.70 per share exceeded analyst expectations.

Late Monday, Chesapeake had announced it was selling its upstream and midstream assets in the Fayetteville Shale to BHP Billiton (NYSE:BHP) for $4.75 billion in cash.

It has also made asset sales to CNOOC (NYSE:CEO) and others in recent months as part of its plan to reduce long-term debt by 25% during 2011-2012 while also growing net nat gas and oil production by 25% over the same two year period.

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